Whirlpool selling Russian business to Turkey's Arcelik, deal valued at up to 220 mln euros
MOSCOW. June 28 (Interfax) - Turkey's Arcelik has signed an agreement with Whirlpool EMEA S.p.A. on the purchase of its Russian assets, JSC Indesit International and Whirlpool Rus LLC.
The value of the deal is not expected to exceed 220 million euros. The final parameters will depend on a number of factors, and plans call for payments to be spread over ten years, Arcelik said in its statement.
As a result of the deal, Arcelik will take control of production facilities in Lipetsk, which allow it to produce 2.8 million refrigerators and washing machines a year.
In addition to Russia, the acquired companies operate in Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Armenia, Georgia, Azerbaijan, Kazakhstan, Belarus and Mongolia.
Whirlpool expects to post a $300-$400-million loss from the sale of its Russian assets, the U.S. corporation said, and it anticipates closing the deal in the third quarter.
According to data in the SPARK-Interfax analytical system, the revenue of Whirlpool Rus to RAS in 2021 was 40.8 billion rubles, and net profit was 1.9 billion rubles, while for Indesit International, these figures were 29.1 billion rubles and 220 million rubles, respectively.